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Jeff’s departure from Yahoo! and his appointment by leading Venture capital firms was  already heating up last week. The news has been officially confirmed today as Accel Partners and Greylock Partners have jointly announced the appointment  of Jeff Weiner, EVP of Yahoo! Networks as an Executive in Residence. His new role will be effective from Sept 2008.

“Founded in 1983, Accel Partners has a long history of excellence and innovation in the venture capital business and is dedicated to partnering with outstanding entrepreneurs and management teams to build world-class technology businesses. Accel today invests globally with offices in Palo Alto, California and London, as well as in China via the IDG-Accel Partnership. With over $4 billion under management, Accel has helped technology entrepreneurs build over 300 successful companies”

“Founded in 1965, Greylock Partners is one of the world’s leading venture capital firms. Over the past 43 years, Greylock has funded and helped build several hundred successful companies. The Greylock approach uniquely puts the entrepreneur first, with Greylock working as an “invited guest” in a highly supportive yet consultative way to help entrepreneurs build outstanding companies.”

According to the firms, Weiner has an outstanding leadership experience blended with a deep knowledge of digital media and Internet. Weiner’s scalable experience will help in enhancing their capabilities and this will surly add some extra value to their investments. He will contribute by equally dividing his time between both Silicon Valley offices.

Sue Decker, President of Yahoo!; has officially announced his departure in an email to Yahoo!’s employees. It has been reported that Jeff is leaving Yahoo after some careful consideration and he will start a new chapter in his career after his paternity leave. She further added that “On an interim basis, Jeff’s team will report to me as we consider how to best move the organization forward.”

Weiner was playing a key role in the Yahoo! Network for the past seven years. Being an EVP, he helped a lot in the company’s Network expansion and played an important role in developing most important Communication (Yahoo Mail and  Yahoo Messenger), Search and Media products.